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‘Gasless’ Technical Update Brings USDC One Step Closer to Venmo

Written by:
Aeon Flux
Published on:
28 August 2020
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Aug 27, 2020 at 18:22 UTCUpdated Aug 27, 2020 at 18:43 UTC

jeremy-allaire-3

Jeremy Allaire, CEO of Circle (CoinDesk archives)

You can now send cryptodollars back and forth without paying a fee to the Ethereum network, according to the Centre Consortium in a Thursday blog post.

  • Dubbed USDC 2.0, USD Coin (USDC) has integrated what are called “meta transactions” natively to the dollar stablecoin platform. Now, users do not have to pre-fund their USDC-bearing wallets with ether (ETH) in order to send a transaction.
  • Meta transactions allow USDC wallets and compatible applications to act as virtual “gas stations” by paying the associated mining fee that accompanies every Ethereum blockchain transaction.
  • “This [update] enables people to fund their non-custodial wallets with USDC and start using DeFi/dapps without also having to own ETH,” Coinbase developer Peter Jihoon Kim told CoinDesk.
  • The update is backwards-compatible, meaning old USDC clients can continue using the network without upgrading.
  • Centre also released a new on-chain signature schematic to help govern the project as new partners join the Coinbase– and Circle-founded project.
  • USDC is the second-largest stablecoin by market cap at $1.4 billion.

Read more: Circle Gets $25M From DCG to Drive USDC Mainstream

Read more about…

CoinbaseCircleUSDCCENTRE Consortium

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The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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